The Bankers Association of the Philippines (BAP) said it supports the Bangko Sentral ng Pilipinas’ (BAP) move to enhance benchmarks and establish a credible yield curve for price and rate transparency and to improve liquidity. ManilaBulletin READ:
“We will continue to work actively with the regulators to ascertain that any foreseeable benchmark implementation undergoes system-wide testing, accreditation, and general acceptance by all market stakeholders,” BAP said in a statement on Thursday, June 22.
It added that, "These securities provide the banking industry sufficient support for pricing bank products such as loans, mortgages, investments, and marking-to-market of banks' own portfolios." Amid BSP’s initiatives to create an overnight benchmark as part of establishing a credible yield curve, BAP pointed out that BVAL as a benchmark is accepted by the financial and capital market here.
The BAP said it “shares the view of the Bangko Sentral ng Pilipinas that, as a market, we desire to have a yield curve based on actively traded securities that result in high-volume transactions in the market.”
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